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"Allow us to pay the recalculated monthly payments over the remaining period on the..."

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You need to request for a moratorium if your reason is valid they will allow it

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Addressee

Dear Sir/Madam:

Re: Moratorium on Interest Payments

I write in reference to loan account (provide #), in the name of (provide name) and ask that you consider granting a moratorium on interest payment on the facility for three (3) months starting with this monthâ€™s payment. As you are aware, the recessive conditions have persisted for months now and the recently concluded tourist season (or provide the reason) was the worst in years.

As a result, our projected sales are much lower than anticipated with severe consequences for our profitibality and cash flow. We ask that you seriously consider the moratorium to allow the business to recover; while looking at ways to ease the cash flow crunch.

We are now, in fact, in discussion with our account officer there to review our business plan with a view to a full restructure of the credit line. If that fails, our suggestion would be to add the three (3) months unpaid interest to the principal and allow us to pay the recalculated monthly payments over the remaining period on the loan.

We are confident that the business environment will improve in three (3) months and in so doing, boost the companyâ€™s sales.

Finally, you should know that we are committed to this business and stand ready as shareholders to inject new capital should the need arise. We hope that you will consider favourably our request and look forward to hearing from you.

"A bank i used to work at the..."

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It usually takes one business day if it is done before your banks cut off time. Example, A bank I used to work at the cut off time for online transactions was 8pm, anything done online before 8pm is posted to your account the next business day, anything after, it is 2 business days (after 8pm monday is like you doing the transaction on tuesday).

"Moment you signed and they received your check payment..."

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You are covered. Insurance policy contract you entered into is binding the moment you signed and they received your check payment, The insurance premiums maybe on a scheduled collection scheme agreed by your Insurance company and their depository / collecting banks.

suntansarah said: usually with a returned cheque you have to pay the person the cheque was written to directly. Although you should contact your bank because some companies will try to take the funds out a second time if it was a direct payment set up. If it was an actual written cheque then you will have to pay the company you wrote it to directly.

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